⏱Taxes with a capital T

Apr 23, 2021

Good morning everyone, and congrats on making it to the end of another work week! It’s time to celebrate!

Yesterday Overtime, a sports media company, raised an $80M series C funding round that included investors such as Jeff Bezos, Drake, Reddit co-founder Alexis Ohanian, and several NBA players. This comes ahead of the launch of their Overtime Elite basketball league that will allow 16-18 year-olds to play professionally in. In a statement, CEO Dan Porter said, “The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory.”

0:27- Taxes with a Capital T

Reports from sources close to the Biden Administration indicated that the President would be proposing a new, higher capital gain tax in the coming weeks. This new proposed rate would almost double the top rate that Americans pay, from 23.8% to 43.4%—a rate that would make capital gains the highest-tax income in the country. The new proposed rate would essentially tax the gains as ordinary income (something that is already done for short term gains, which are assets held for less than a year.) You may not need to worry though—according to those sources, the change will only impact those making more than $1M a year.

Consumer Reports released a new report yesterday saying that it was “easily” able to fool Tesla’s autopilot mode into driving without someone in the driver’s seat. While they cautioned that no one should copy them, the method that they utilized was a weighted chain connected to the steering wheel to simulate hands being on the wheel. While the car performed perfectly under the conditions, Jake Fisher, senior director of auto testing, called the situation “frightening.”

AT&T reported earnings yesterday morning and beat Wall Street expectations on both the top and bottom line. This was partially due to almost 3M new HBO Max subscribers, as well as ~800k new phone subscribers—a stark contrast to Verizon’s net loss of 178k subscribers over the same quarter.

Have a great rest of your day, and we’ll see you tomorrow bright and early!

-The 90 Second News Team

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